Nearly 100 Toronto leaders in tech, real estate and local business signed an open letter to Toronto Mayor JohnTory and Toronto Council in support of fair regulations for home sharing few days before the vote took place.

Dear Mayor Tory and Members of Toronto City Council,

The growth of Airbnb and home sharing reflects Toronto’s continuing evolution into a global hub for the economy of the future. Entrepreneurs and innovators from around the world are drawn to our world-class city for its diversity, its quality of life, and its openness to embracing the next generation of ideas. Toronto is the place where large and small ideas alike are being transformed into the next big thing.

The new economy is challenging old ways of doing things. Toronto must maintain its reputation as a global centre of innovation by embracing new ideas. We encourage Toronto City Council to support fair, straightforward and equitable rules that allow all Torontonians to share the home where they live - whether they are an owner or a tenant, and whether they are sharing a room, their entire home, or a secondary suite.

The following rules will kick in July 1st the same day as the weed legalization across Canada:

Secondary residences withing primary residences would not be allowed on AirBnb even if they have their own entrances / kitchens / bathrooms unless it is rented to a tenant and he is renting it out by him or herself. What is stopping you from renting it to your uncle or a friend and then renting it through them? There might be some loop holes that need to be worked out.

Airbnb host would need to register with the city for $50 and keep records of their billings.

Airbnb host can rent out his or her entire home but only for less than half a year.

Airbnb itself would need to cough up $5k fee for a licence and a $1-a-night tax for each booking.

Airbnb would also need to make sure each listing has a City Registration.

Airbnb has also agreed to work with the city to reduce the noise nuisances in the neighborhoods.